Ann: Appendix 4E - Preliminary Final Report, page-21

They take out capital improvements from "profit" what I mean is it lowers the actual profit number that they could achieve, I may be wrong on this but it is how I look at the numbers. Example gold sales were 29,181 at $1,100 is more like $0.009 per share using their ASIC costs.

The dividend is $0.002 x SOI = $7.2m that is 3 months profit on $1,100 ounce at 6,545 ounces a quarter. Which they have been doing about 7,000 a quarter.

So roughly 6 months or so is retained that they can use for improvements acquisition about $14m, they have in bank around $18m after acquisition of McP ($14m).

I think a dividend of $0.002 every 6 months is very achievable.

They have noted that any project going forward should stand up to the numbers to handle a project loan and if they spend their $14m free cash flow wisely they will be at 50,000 ounces production in no time.

DYOR as my numbers are pretty simplistic but have been pretty close with what my spreadsheet and prelim final report outcomes.